BEIJING -- September 01, 2026 -- So-Young International Inc. (Nasdaq: SY) reported total revenue of RMB505.2 million ($74.5 million) for the second quarter ended June 30, 2026, up 33.4% from RMB378.7 million a year earlier. The Beijing-based aesthetic treatment platform said revenue from its branded aesthetic centers jumped 129.5% to RMB331.4 million, exceeding the high end of its own guidance. Net loss attributable to the company narrowed to RMB22.7 million from RMB36.0 million in the second quarter of 2025.
Aesthetic Treatment Revenue Marks Tenth Straight Quarter of Triple-Digit Growth
Chief Financial Officer Shannon Shen said the aesthetic treatment business topped RMB330 million in revenue, roughly 130% year-over-year growth and the tenth consecutive quarter of triple-digit expansion. Co-Founder and CEO Xing Jin said, "Our sustained focus on scale and efficiency yielded another strong quarter for our core aesthetic treatment business." Segment gross margin expanded by 3.8 percentage points during the quarter.
Verified Treatment Visits Surge 145% to 165,200 in the Quarter
Verified treatment visits to branded aesthetic centers reached approximately 165,200, up 145% from about 67,400 in the second quarter of 2025. Verified aesthetic treatments performed surpassed 362,300, an increase of 134% from roughly 154,500 a year earlier. Active users, defined as those visiting a branded center at least once over the trailing 12 months, exceeded 255,300, up 154% from 100,400. Core members grew by more than 15,000 during the quarter, a sequential increase of about 24%, and accounted for over 80% of aesthetic treatment services revenue with a quarterly repurchase rate near 70%.
Same-Store Sales Growth Jumps to 52% Across 65 Aesthetic Centers
As of June 30, 2026, So-Young operated 65 fully operational branded aesthetic centers, 63 directly operated and two franchised, across 18 cities including Beijing, Shanghai, Guangzhou and Shenzhen. Of these, 47 centers achieved profitability and 51 generated positive quarterly operating cash flow during the quarter. Same-store sales growth reached 52%, compared with 14% in the same quarter of 2025.
Other Revenue Lines Decline as Company Shifts to Treatment Services
Information and reservation services revenue fell 35.0% to RMB87.9 million, which So-Young attributed to fewer medical service providers subscribing to its platform. Sales of medical products and maintenance services dropped 2.8% to RMB73.9 million on lower medical equipment order volumes. Other services revenue declined 48.2% to RMB12.0 million on reduced insurance brokerage income.
Cost of Revenue Rises 53% as Company Expands Aesthetic Centers
Total cost of revenues climbed 53.0% to RMB282.4 million, with cost of aesthetic treatment services up 118.0% to RMB238.4 million. Total operating expenses increased 10.4% to RMB266.5 million. Sales and marketing expenses rose 16.8% to RMB153.5 million on branding and staffing costs at the centers, while general and administrative expenses grew 12.5% to RMB88.6 million. Research and development spending fell 21.7% to RMB24.4 million on staff efficiency gains.
Cash Position Falls to RMB848.2 Million as Loss Narrows
Cash and cash equivalents, restricted cash and term deposits, and short-term investments totaled RMB848.2 million ($125.0 million) as of June 30, 2026, down from RMB936.4 million at the end of 2025. Basic and diluted loss per ADS was RMB0.22, compared with RMB0.35 in the prior-year quarter. Non-GAAP net loss attributable to the company was RMB21.0 million, versus RMB30.5 million a year earlier.
So-Young Forecasts Up to 97% Growth in Third-Quarter Treatment Revenue
For the third quarter of 2026, So-Young expects aesthetic treatment services revenue between RMB352.0 million and RMB362.0 million, representing a 91.7% to 97.2% increase from the same period in 2025.